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ACCT 304 Quiz 1 Solution

ACCT 304 Quiz 1 Solution
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Solution Guide / Answer Key:

ACCOUNTING

1. On Exercise 1-3, what is the pronouncement for the Accounting Principles Board? (Points: 2)
Statements of Financial Accounting Concepts
Financial Reporting Releases
Accounting Research Bulletins
Statements of Financial Accounting Standards
APBOs
Industry Accounting Guides
Technical Bulletins

2. On Exercise 1-3, what is the pronouncement for the Securities and Exchange Commission? (Points: 2)
Statements of Financial Accounting Concepts
Financial Reporting Releases
Accounting Research Bulletins
Statements of Financial Accounting Standards
APBOs
Industry Accounting Guides
Technical Bulletins

3. On Exercise 1-3, what is the pronouncement for the Committee on Accounting Procedure? (Points: 2)
Statements of Financial Accounting Concepts
Financial Reporting Releases
Accounting Research Bulletins
Statements of Financial Accounting Standards
APBOs
Industry Accounting Guides
Technical Bulletins

4. On Exercise 1-3, what is the pronouncement for the AICPA? (Points: 2)
Statements of Financial Accounting Concepts
Financial Reporting Releases
Accounting Research Bulletins
Statements of Financial Accounting Standards
APBOs
Industry Accounting Guides
Technical Bulletins

5. On Exercise 2-4, the entry to record item #3 is a debit and credit to what accounts for $200,000? (Points: 4)
debit Accounts Payable
credit Inventory
debit Inventory
credit Cash
debit Inventory
credit Accounts Payable
debit Inventory
credit Accounts Receivable


6. On Exercise 2-4, the entry to record item #4 is a debit and credit to what accounts for $280,000? (Points: 4)
debit Accounts receivable
credit Inventory
debit Accounts receivable
credit Sales revenue
debit Accounts payable
credit Accounts receivable
debit Cash
credit Sales revenue

7. On Exercise 2-4, the entry to record item #6 is a debit and credit to what accounts for $3,000? (Points: 4)
debit Insurance expense
credit Prepaid insurance
debit Prepaid insurance
credit Accounts payable
debit Insurance expense
credit Cash
debit Prepaid Insurance
credit Cash

8. On Exercise 2-4, the entry to record item #9 is a debit and credit to what accounts for $5,000? (Points: 4)
debit Interest expense
credit Cash
debit Retained earnings
credit Cash
debit Cash
credit Dividends expense
debit Accounts Payable
credit Cash

9. On Exercise 2-4, the entry to record item #11 is a debit and credit to what accounts for $250? (Points: 4)
debit Insurance expense
credit Prepaid insurance
debit Prepaid insurance
credit Insurance expense
debit Prepaid insurance
credit Cash
debit Insurance expense
credit Cash

10. On exercise 2-8, the entry for #1 is a debit to prepaid insurance and a credit to insurance expense for $10,000. (Points: 4)
True
False

11. On exercise 2-8, the entry for #2 is a debit to depreciation expense and a credit to accumulated depreciation for $15,000. (Points: 4)
True
False

12. On exercise 2-8, the entry for #3 is a debit to bad debt expense and a credit to allowance for uncollectible accounts for $4,500. (Points: 2)
True
False

13. On exercise 2-8, the entry for #5 is a debit to interest expense and a credit to interest payable for $4,000. (Points: 2)
True
False

14. On exercise 2-8, the entry for #6 is a debit to unearned rent revenue and credit rent revenue for $1,500. (Points: 2)
True
False

15. On exercise 2-12, what is the amount of the debit to sales revenue? (Points: 2)
$750,000
$653,000
$600,000
$730,000

16. On exercise 2-12, what is the amount of the credit to income summary in the revenue closing? (Points: 2)
$650,000
$753,000
$600,000
$730,000

17. On exercise 2-12, what is the amount of the debit to income summary in the expense closing entry? (Points: 2)
$320,000
$300,000
$546,000
$576,000

18. On exercise 2-12, what is the debit to close the income summary account? (Points: 2)
debit income summary $177,000
debit retained earnings $80,000
credit income summary $177,000
credit retained earnings $80,000

 

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